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Precious Objects: A Story of Diamonds, Family, and a Way of Life

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Now in paperback, this rich and fascinating odyssey of diamond dealing and New York’s historic diamond district is part Jewish immigrant tale and part “affecting and informative tribute to the world of her fathers” ( The Washington Post ).

IN THE MIDDLE OF NEW YORK CITY lies a neighborhood where all secrets are valuable, all assets are liquid, and all deals are sealed with a blessing. Welcome to the diamond district. Ninety percent of all diamonds that enter America pass through these few blocks, but the inner workings of this mysterious world are known only to the people who inhabit it. With insight and drama, Alicia Oltuski limns her family’s diamond-paved move from communist Siberia to a displaced persons camp in post–World War II Germany to New York’s diamond district, exploring the connections among Jews and the industry, the gem and its lore, and the exotic citizens of this secluded world.

Now in paperback, Precious Objects offers an insider’s look at the history, business, and society behind one of the world’s most coveted natural resources, providing an unforgettable backstage pass to an extraordinary and timeless show.

384 pages, Paperback

First published July 19, 2011

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Alicia Oltuski

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5 stars
38 (13%)
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83 (29%)
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120 (43%)
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32 (11%)
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6 (2%)
Displaying 1 - 30 of 56 reviews
Profile Image for Petra X.
2,455 reviews35.7k followers
April 2, 2016
Briefly. All-inclusive, from cutting diamonds is the only work we are allowed to do (historically), through diamonds are forever (but you need to be an expert to actually tell the difference between a cubic zirconia and a diamond) to the completely obscured beauty of blood diamonds from Angola, Ivory Coast, Sierra Leone, Liberia, Congo and ZImbabwe (it seems every country with diamonds is busy exchanging them for weapons wherever).

I can't write a proper review of this book. It is about a very nice family and the dealings on trust rather than contract of the diamond district - mostly Jews, but also a minority of Arab Muslims and Christians (all of whom care about commerce, we aren't talking politics and fundamentalist religion here). It roves all across history and the world and I don't necessarily think it is entirely without bias when it comes to the blood diamonds. Sure it is the countries that are guilty, but I think there is more to it with the companies than the author writes.

The book is well-written and enjoyable. It's just I have trust issues when it comes to the bigger picture of blood diamonds what is written in much more illuminating and horrific than anything I've read in the media. But still.... what about deBeers and the other diamond companies that are supposed to have divested themselves of any interest in such a trade? I have questions.
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Profile Image for Mary Ronan Drew.
874 reviews117 followers
August 2, 2011
When I used to go to NY City often I would sometimes cross from 5th to 6th Avenues on 47th Street. In the late 1960s and early 70s that block was crowded with Hasidim, heads together, mumbling, passing manila envelopes to one another, shaking hands, and saying, “Mazel.” I had stumbled onto the NY City Diamond district.

Alicia Oltuski’s grandfather bought and sold his first diamonds immediately after the end of World War II when he was AWOL from the Russian army and hiding out in the American sector of Germany. Her father is still a diamond merchant on 47th Street. She worked with him for a few years and realized that the diamond business wasn’t her thing. But she spent enough time there to become enchanted with the sparkling stones, with the history of diamonds, and with the people who buy and sell them.

She has written a book full of colorful characters, exciting stories, fascinating information, and an obvious love of diamonds, whether they are rare blue stones from the famed Golconda mines in India, or diamonds grown in a pressure chamber and destined to be used in laboratory experiments. She knows all about blood diamonds and the horrors they have financed and the history of De Beers and their famous advertisement: “A diamond is forever.” She has interviewed specialists in gemstone security and detectives who chase down jewel thieves. She has been to the gem and jewelry shows in Tucson and Las Vegas and hung out at Sotheby’s during an auction of “significant” jewelry.

You don’t have to be interested in gems or jewelry to enjoy this book. Alicia Oltuski may not want to be a diamond merchant but she has a love of diamonds that seems inherited and with it she captures the excitement and romance of the jewelry trade in this wonderful book.

2011 No 117
Profile Image for Liz.
862 reviews
December 7, 2011
The writing was good, but I found the narrative kind of random and not very interesting. I'm not sure what I was expecting--some kind of intrigue or drama, I guess. But the book is more about the business history of diamond companies and traders, some diamond chemistry, odd uses for the stones (diamonds as a keepsake of the deceased?). The author discusses repeatedly how she knew from a young age that she wouldn't follow her father into his line of business, and seems to keep hoping that readers will see that as a great loss. What remains a bit unclear is why she chose to write a book on the topic.
88 reviews
June 10, 2012
Interesting tid-bits, but an oddly organized book. It was never a 'story', just bits an pieces of autobiography and diamond information.
Profile Image for L_manning.
289 reviews43 followers
July 20, 2011
In Precious Objects, Alicia Oltuski gives an insider's look into the world of diamond dealing. Her father works in the diamond district of New York City. It's a different world there, entrenched in tradition and religion. Through good times and bad, the dealers have formed their own code of ethics and way of doing business. They are a unique family of sorts, but things are slowly changing with new technologies and new generations of dealers. The allure of the sparkling stones will never change though.

This book does a very thorough job over covering many different aspects of diamonds. From their usage throughout history to their important role in shaping the political and economical structure of many parts of Africa, diamonds have never been just jewels. The author does a fabulous job of keeping things from ever getting too dry. I learned so many different things about diamonds, both about their physical characteristics and the more esoteric traits that have made them so highly desirable. More than this though, I felt like I really got to know the dealers of these jewels. You get a real sense of their passion for their trade and the diamonds themselves. They understand the gems like no one else can, and this allows them to understand each other in ways no one else can.

I thought this was a very enjoyable book. Anyone with an interest in diamonds will find something of interest in here. More than that though, I think this book is a fabulous study of the dealers themselves. They are some unforgettable characters, and they seem like a bit of a dying breed. Things may be changing for the dealers, but they will forever be immortalized in a beautiful way in this book.

Galley provided by publisher for review.
Profile Image for Steve.
38 reviews1 follower
August 16, 2012
Disclosure: I received this book for free through Goodreads First Reads. Thanks to the publishers for the opportunity to read this book for an unbiased review.

Who isn't interested in diamonds? Who isn't interested by stories of ordinary men walking on the street, flying in coach, meeting with strangers, with millions of dollars worth of gems strapped to their bodies or carried in nondescript bags?

In the Literary Journalism style of Tracy Kidder and John McPhee, Alicia Oltuski combines personal profiles and first-person narrative with factual reporting to examine many facets of the diamond trade. She is the daughter and granddaughter of diamond traders, so some of the book is her own family stories.

I enjoyed the book. Each chapter can stand on its own, an essay shaped around an individual (the controversial author of the Rapaport Report) or an issue (conflict diamonds).

Oltuski is a capable journalist, but more important is her personal knowledge of the diamond traders of the 47th street Diamond District in New York. She is a liminal observer; neither an insider nor an outsider. She's also got a terrific ear for dialogue; I love the way her grandfather talks!

Maybe the best thing I can say about this book is, I learned a lot without feeling like I was learning a lot.
Profile Image for Florence Buchholz .
955 reviews23 followers
June 7, 2012
I have always been curious about the diamond trade in New York conducted by mostly orthodox and Hasidic Jews. Much of the trade is carried out by mutual understanding of tradition rather than by binding legal contract. Valuable diamonds are transported around the district and loaned out to potential buyers almost casually. And sometimes the tiny stones can be lost in a carpet or a crack in the floor. The stress level must be unbearably high.

Ms. Oltuski also delves into the history of the diamond as a valuable commodity and the inhumane conditions under which diamonds are sometimes mined. One thing still puzzles me about this exotic industy. Why are there so many brokers and middle men? So much buying and selling among dealers is happening on Forty-seventh street alone. This does not seem like a very efficient way to deliver a product to its end user.
Profile Image for Susan Sherwin.
771 reviews
June 17, 2015
I've walked through the Diamond District of 47th Street in New York City to view the glitter and gems in the windows and showcases, many, many times so I found Alicia Oltuski's book about her family's business so very interesting. This book certainly deals with more than the three "C's" of diamonds: cut, color, and clarity. Over the years, I've been "educated" about diamonds and gems from my favorite jewelers in Monsey, NY--Jewelry by Esther, but "Precious Objects" really expanded upon my knowledge of the secrets and workings of the diamond industry. While I found the couple of chapters about the creation of synthetic diamonds a bit dry, the rest of the book was fascinating.
73 reviews
November 19, 2011
In the summer of '85 I worked at Michael C. Fina, which was then on 47th St and Fifth Ave. (Handwritten receipts and pneumatic tubes to propel orders to the cashier!!!) Book's tone shifts between reporting and memoir, which is a bit awkward, but it was interesting to read about the human stories behind the storefronts I passed.
Profile Image for Gabrielle.
449 reviews33 followers
November 2, 2011
I give it a 3.5. I enjoyed it, learned a lot about the diamond culture in NYC, but I read it as vignettes which made up for the lack of flow between chapters
179 reviews1 follower
October 20, 2012
Interesting. I listened to it on a long car drive. Something I never would have picked up but I learned about something I knew nothing about.
Profile Image for Peter McDermott.
83 reviews2 followers
March 15, 2018
I picked this up for a couple of reasons. I'm fascinated by jews, by the jewelery business (ArchieLuxury!) and by obscure subcultures that the rest of the world don't get much insight into. It was pretty good -- it didn't disappoint, though I got a bit bored when she started bashing on about blood diamonds. Given that I don't actually own any diamonds and have never bought any since my wife's second hand engagement ring some 35 years ago, I found it hard to give much of a fuck about any of that. I just wanted her to get back to the good stuff about New York's Diamond District and how the international trade works.

I quite liked the author, despite the fact that she'd been given a substantial diamond necklace for her bat mitzvah at 13 or 14. Usually, my class rage would kick in and I'd be affronted by this -- but it seems different when your parents work in the trade. Even if, as received wisdom has it, the cobblers kids usually are the ones with the holes in their shoes.
154 reviews2 followers
March 25, 2021
Very absorbing account of the diamond trade in New York City, told first-hand by a young woman whose father has been in the business for many years. Partly family history and partly overview of the industry , this is an extremely interesting read about a segment of society that until very recently was insular and unfamiliar to most. Oltuski clearly adores her diamond merchant father and relates his early life as a child of Holocaust survivors without letting the backstory overshadow his professional life. A very intriguing semi-memoir.
30 reviews1 follower
May 18, 2018
I found it difficult to maintain the desire to read this book consistently. I felt that the authors' style of writing was all over the place. I had hoped the book would show some emotion behind the writing but it was so dry & matter-of-fact, that it lacked any personality. It is not a book I would recommend. It had promise, however, in the first few pages.
Profile Image for Merry.
504 reviews9 followers
May 22, 2019
I loved this. Wonderful description of history and traditions.

I happened to be visiting Philadelphia, my home town, when I was listening to this. I visited the diamond/jewelry district on Sansom Street where my family used to meet up with my grandfather, who sold watches etc. at area farmers markets. This district wasn't mentioned in the book, but it is an old and large one.
Profile Image for Miriam.
311 reviews8 followers
July 16, 2019
Fascinating glimpse into the world of diamonds and the people who bring them from mines to the marketplace.
Profile Image for Amy.
935 reviews29 followers
August 28, 2011
A behind-the-scenes look at the diamond industry. The author’s family connections give the book a certain warmth. For example: “My grandfather’s history came to me through his stories, which, like the Torah, involved walking long distances.” And diamonds are, for sure, fascinating. “Life is that indefinable quality of a diamond, after all its tangible qualities have been tallied up. It is the measurement of its temperament, and those who work in diamonds know that they have temperaments.”

Overall, this book is about business. Unsentimental business decisions, micro-level and macro-level. The boredom of trade shows, the politics of the Club. A few chapters focus on more dramatic issues, such as conflict diamonds and crime protection in New York’s diamond district. A few chapters focus on women entering the business and the role of the internet. The reader is introduced to some interesting characters along the way. But mostly this is a book that rather clinically describes the steps of diamond transactions, and the importance of reputation and relationships in business.

So, the mysteries of the diamond district, demystified. This is a book about hard work and humble salesmanship, not about glamour. Nothing exotic here. I’d picked this book up expecting a sort of anthropology study of a unique, fairly closed-in culture. I came away feeling that the diamond world is not really that unique—I’ve heard similar stories about risk and trust and nerves from friends and relatives who’ve started up their own businesses in completely different industries. Kudos to the author for her extensive research. She taught me things I never would have been able to learn on my own.
Profile Image for Hava.
178 reviews
November 12, 2012
I downloaded this from Overdrive and listened to it on my Nook as I did chores around the house. At first, I had a hard time with it - I didn't particularly care about the author's personal family history, and that's where she started off. She kept going back and forth between her family's dealings in the diamond world, and the diamond world as a whole - its beginnings, the major players in the industry (hint: they're not related to the author), and some of the negative aspects of the industry, including blood diamonds. These constant switches in focus and attention from personal to global and back again were difficult for me to get used to, but around the middle of the book, my brain finally got passed that and I started to get into the story.

The way I judge whether a book is good or not is how much I want to go back to reading it when I have the chance. If I can turn on the book on CD and listen to it but I find that instead, I turn on Pandora because I'm just "not in the mood" for the book, you can bet that book will garner 3 stars, at the most, from me. And that's what happened with this book for the first half of it - I was never really excited about listening to it, but I knew I had to finish it before it disappeared off my Nook, so I stuck with it.

Overall, it was a fine story - not overwhelming and not particularly memorable, but I did enjoy learning the ins and outs of the diamond industry, something I knew almost nothing about before I listened to the book. If you're a big autobiography fan, and you love to learn about diamonds, this book is for you. Otherwise, I'd probably pass it by.
Profile Image for Andrea.
1,194 reviews36 followers
August 24, 2015
I literally plucked this audiobook off the library shelf with no prior knowledge or preconceptions. What an unexpected gem (pun only sort of intended)!! The author’s family has been involved in the diamond trade for at least two generations and this work, while centered around the “Diamond District” of 47th Street in New York, covers a HUGE amount of territory. The narrative reads like a really fascinating conversation and covers the role of diamond and gems in Jewish history (gems are a very portable form of wealth) and the roots of so many NYC dealers in Europe and the various persecutions that brought them to America. Oltuski covers the religion-based traditions and jargon of the trade as well as a great general survey of the diamond trade throughout history. But this work doesn’t end with the past but sweeps on to cover conflict stones, the role of diamonds in the politics and development (or lack thereof) in Africa and even lab-created diamonds, including LifeGems crafted from the carbon in human remains. One of the biggest charms of this book is the author’s unique perspective of someone both within and on the outside looking in of the diamond industry. I learned SO much and there really wasn’t a dull moment in here. Great listen and chock full of ideas and information I’d never really considered before.
Profile Image for Allison.
410 reviews14 followers
January 18, 2012
This book was a really interesting look at the diamond trade in the United States. I was hoping for more of a personal bent to the stories, and while she certainly included some, the book was more journalistic than I originally expected. Her explanations of the diamond trade were easy to follow and interesting, though, so I can't really complain.

The only thing I was truly disappointed in was the way she treated the issue of conflict diamonds. Maybe it's to be expected from someone whose family makes its living in the diamond trade, but I felt Oltuski put the blame for the exploitation firmly on the shoulders of people within the country of the diamond's origin and exonerated anyone in the diamond industry, including DeBeers. While I understand her point, I couldn't help but think it unfair the way she portrayed the issues around conflict diamonds as the fault of those within the country; as if those foreign companies operating mines in places like Africa are paying $10 an hour and are the bastions of human rights employers. I appreciated her opinion, but ultimately was disappointed in what I percieved as a defensive explanation of these conflict stones.
177 reviews
May 11, 2015
I read this book primarily because I took a class with Alicia Oltuski at Politics and Prose bookstore....she is a wonderful teacher, and I will be taking another short story class with her this summer!

The book was a very erudite, interesting, and detailed study of the diamond industry (and her family's connection with it), and the only reason I didn't give it a higher rating was because I'm just not that interested in diamonds (although I've been married almost 40 years, I don't have a diamond ring, never wanted one, and think the whole diamond/engagement connection is too commercial, sexist, and rather silly). But because Ms. Oltuski is such a good story-teller, I stayed with the book nevertheless, and in the process, learned a great deal. If you have any interest in gems/diamonds, you will find this book of great interest.
Profile Image for Ashley.
540 reviews2 followers
December 18, 2022
Interesting book about something I know literally nothing about. It was fascinating learning about the wild world that is the 47th street diamond market in New York. Family and relationships are super important in the industry and I enjoyed hearing about the personal deals her father and his friends made. It’s not a traditional story so it is easy to put down and pick up again as long as you finish the chapter you are on. I do wish she spoke more about the blood diamonds and the fact that they are tearing up countries but there was a smattering of the history behind where diamonds come from. Definitely a unique peek into the exclusive world of diamonds and what the industry looks like outside of major retailers.
1,119 reviews31 followers
August 8, 2015
Alicia Oltuski grew up in one of the diamond dealer families in the Diamond District in NYC. In her delightful book, she tells a bit about the history of diamonds, how diamonds are cut, how the price is determined, etc. She explains the issue of the "blood diamonds", or "conflict diamonds". She also goes into how diamonds are being "grown" in laboratories. Something that really surprised me was the trend now for diamonds "made from your loved one". Using some of the carbon from the deceased a diamond can be ordered and produced so your loved one will always be close to you. Hmmm. It is a fascinating view into the secret world of the Diamond District.
555 reviews2 followers
April 14, 2014


Mistakenly I ended up with this audio book and I decided to see what it was about. Read by the author, I learned much about the diamond industry. Apparently 90% of all diamonds in America pass through the diamond district known as 47th Street. Ms Oltuski writes of her family's history, from Siberia, through Germany and then settling in America and as far back as she can remember their involvement in diamonds. Have to admit I really enjoyed listening to Ms. Oltuski, although some repetition tended to interfere with the flow. Good, well written story, but I still don't appreciate diamonds and think rhinestones are fine if you want glitter.
Profile Image for Nikki Padilla Rivera.
48 reviews16 followers
July 15, 2014
Thoroughly enjoyed this book. It was a great inside look into such a hidden community and simultaneously one of NYC's well known districts. Since my interests are more culture than the science and politics of diamonds it got a little dense into detail for me but the author always balanced a 'diamond fact' chapter with a human story chapter so I never skimmed.
Would definitely recommend this book to jewelry aficionados (I learned SO much!!) and any fans of NYC or anthropology & culture.
Appreciate my engagement ring so much more now- picked up a few vocab words that I now use to describe my stone, makes me feel very savvy :)
1,986 reviews19 followers
December 29, 2011
Non fiction account of working in her family diamond shop in NYC. I actually only read a few chapters. She starts off with an anecdote about traveling with thousands of dollars worth of diamonds on the streets of NYC and then backtracks to the history of the diamond industry in Africa, which is where I got kind of bored and stopped reading.

I think this book would appeal to some people (Cathe B) who have an interest in learning while they read, but I was looking for a more entertaining, narrative account of her experience. It is not a bad book; it's just not what I was looking for.
Profile Image for Jennifer.
121 reviews1 follower
January 24, 2012
3.5 stars. It is a long story how I ended up reading this, but it was enjoyable. I liked Alicia Oltuski's writing style and was drawn to the parts about her family history and the history of the diamond trade. But I'm not big into jewelry and got a little lost in the details about diamonds. I also had to skim through some of the final chapters since the book was due at the library. Certainly I had heard of the diamond district, but previously knew nothing about it. Good to learn a few new things. :)
Profile Image for Rose.
46 reviews
March 8, 2014
I think that my issue with this book was that the title to me is a misnomer when it says "a story" I thought it meant that there would be more of a narrative thread. Instead, it contains some interesting facts and history about the diamond trade, especially as it relates to Judaism and the diamond district, but not much in the way of a plot. It does contain a few interesting anecdotes but for me the book dragged and I felt like for what it was it should have been shorter. That said, I did feel like I learned some things and read about a different perspective so that was a positive.
Profile Image for Donna.
279 reviews13 followers
July 29, 2012
I won this in a Goodreads giveaway. For anyone interested in the history of diamond sales, the mining involved, the diamond district in New York, and some inside information on various jobs in the industry, this book is for you. The author writes with the family knowledge of her subject, and gives this field the respect it deserves. She includes the dangerous side of the business as well. I know a whole lot more about the origins of the sparkling stone many of us cherish.
Displaying 1 - 30 of 56 reviews

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